Creation of the district will allow ASU to issue construction bonds whose debt service will be financed by charges on developers building on or leasing property within the district. The charge is in lieu of a property tax because commercial developments do not pay property tax on university-owned land.

Construction will not begin until there are commercial developments under way and there is a large enough revenue stream, Renzulli said.

The funding mechanism "is a part of this grand vision, but at the same time, it was an absolute necessity," Renzulli said. "Now it can happen. We're in the position to do it. As the economy recovers, then we can start working on some development deals."

A full renovation of Sun Devil Stadium would lengthen the stadium's lifespan, bring it up to par with industry standards and enhance the fan experience, ASU officials said. There will be structural upgrades, as well as changes to electricity and plumbing, stadium seating and eating facilities. Renzulli said fans can expect a stadium that is "pretty close to an entirely new stadium."

For at least a year, ASU President Michael Crow has said publicly that he envisions ASU's athletic facilities by 2020 growing to become a major destination for amateur sports that is capable of hosting the Pan American Games and Olympic trials.

ASU officials have said that such growth also could advance Tempe's economic development.

Tempe Councilwoman Onnie Shekerjian said city and ASU officials have been discussing potential developments.

Sound familiar? ASU created a massive CFD district on the land it owns (basically everything west of Tempe Marketplace) and Crow wants to build a giant commercial/sports district along Tempe Town Lake. Wells Fargo needs to be replaced, so I could easily see a potential new owner getting in on the fun for a 17-20k seat arena in that corridor. Plus the clock is running on Sarver and US Airways Center. Both need replacing.